I agree thats probably whats happening. My understanding is that...

I agree thats probably whats happening.

My understanding is that the most valuable asset is in fact the Power Purchase agreement with Ausgrid. And that any form of administration would in fact void the contract. Thats why Redbank still exists as a listed entity and there is potential shareholder value. The bank cannot get there money back without dealing with the company.( I think this is a legal point they still argue over but arent prepared to test) So the bank cannot tip Redbank over without losing substantatial value and incur heavy losses. On the other hand these short term extensions really havent done us the shareholders much good expect help reduce the banks exposure, whcih I think is down by approx $20m after the march repayment. The bank is better of by $20m but we as shareholders still have no guarantee of any long term survival, If we contiue to get short term extensions and contine to pay down bank debt , whats to say when it gets to a point of expected full recover on a fire sale that the bank wontsell up the power station. Thats why we need a long term agreement. Why do all the work and potentially lose any benefit.

A guess there are other alternatives. Like the bank buying us out. or Ausgrid buying us and putting the squeezing the bank .

your guess is as good as mine , but you can bet that the directors, whom control 30+% are doing there best to extact value and that the current share price is little more than the current cash balance in the holding company, which is not subject to any charge by the bank


the above is all just my rant, make of it what you will. ie do your own research